Study Shows Wealthy Women Have Financial Gains from Divorce

Study Shows Wealthy Women Have Financial Gains from Divorce

Traditional wisdom says that those contemplating a Pasadena divorce should be prepared to experience financial hardship. However, a new study suggests this isn't always the case.

According to the Spectrum Group, a financial consulting firm, 62% of women with a net worth of $1 million or greater reported being better off financially after their divorce. The Pew Research Center made a similar conclusion after discovering that 20% of women increased their income by at least 25% after their divorce. The studies only focused on the benefit of divorce for women, however. The findings shouldn't be assumed to apply to men.

Why might divorce carry financial benefits for high achieving women? Many married women report being thriftier than their husbands, so it's possible women experience a financial benefit when they no longer have a spouse around to make poor financial decisions. If the couple shares joint custody of the children, the woman will have more solo time to devote to her work while her ex is caring for kids. The perception of society as a whole might also play a part, since many people still perceive a married woman as being less committed to her career -- especially if she has children at home.

Alimony gender differences could play a role in the net worth of divorced women. While it's commonly accepted that a woman divorcing a wealthy man will ask for alimony, men who divorce wealthy women tend to be less likely to ask for spousal support. However, you must keep in mind that alimony is not awarded on the basis of gender. Regardless of whether or not you expect your ex to ask for alimony, you must keep in mind that the possibility exists.

Of course, money doesn't buy happiness. Getting out of a miserable marriage, even if it's costly, provides immense emotional benefits. But, to help minimize the damage to your assets, it's a smart idea to contact a Pasadena divorce attorney with experience in settlements involving high-net-worth women.